China's president, who assume power in 2012 and no longer is bound by term limits, gave his speech in the Great Hall of the People in Beijing's Tiananmen Square, where political reforms attempts were stopped by the military in 1989.

He wants China to "stay the course" in economic reform.

"What to reform and how to go about the reform must be consistent with the overarching goal of improving and developing the system of Socialism with Chinese Characteristics and modernizing China's system and capacity for governance," he said. "We will resolutely reform what should and can be reformed, and make no change where there should and cannot be any reform."

"The past 40 years eloquently prove that China's development provides a successful experience and offers a bright prospect for other developing countries as they strive for marketization," he added, in noting the growth of the private sector.

Xi said the reforms were a "break from the shackles" of previous mistakes.

He highlighted the rapid growth of Shenzhen and China's coastal cities, and international changes by joining the World Trade Organization and cooperation on the belt and road initiative.

China's president didn't directly mention the current trade dispute with the United States that has led to both nations enacting tariffs.